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NEW DELHI, Could 12: India could take into account negotiating a preferential commerce settlement (PTA) with Oman to additional increase financial ties between the international locations, Commerce and Trade Minister Piyush Goyal mentioned on Thursday.
India can also be beneath lively discussions with Gulf Cooperation Council (GCC) for a complete commerce settlement, the minister mentioned.
GCC is a union of six international locations within the Gulf area, particularly Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.
“We could take into account doing a preferential commerce settlement with Oman to start with as a result of we’re searching for a complete settlement between the GCC area and India, (which is) beneath lively dialogue,” Goyal mentioned.
In a PTA, buying and selling companions scale back import duties on sure recognized merchandise to spice up commerce.
He additionally mentioned that there’s a huge potential to spice up bilateral commerce and investments between the international locations.
The bilateral commerce has elevated from USD 5.4 billion in 2020-21 to USD 9.94 billion throughout 2021-2022.
Oman has additionally agreed to fast-track approval for Indian pharma merchandise which might be already registered by the US Meals and Drug Administration (USFDA), UK drug regulator MHRA and European Medicines Company.
Talking on the India-Oman enterprise council assembly, Oman’s Minister for Commerce, Trade and Funding Promotion Qais bin Mohammed al Yousef invited Indian companies to discover alternatives.
He’s main a 40-member delegation to India.
Vikramjit Singh Sahney, Chair – FICCI India-Arab Council and Chairman, Solar Worldwide, mentioned there’s big potential for each the international locations to additional strengthen financial ties. (PTI)
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